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Data-Driven Innovation

Enable new business models based on data-driven innovations

Whether looking at new business models or responding to market demands, Insurance institutions are assessing how to take advantage of their data assets to either drive disruption into their market or combat the impact of being disrupted by another organisation. Examples of data driven innovations, such as telematics data for pay-as-you-drive usage models and fitness tracking data as input into health insurance premiums, are already driving value in the Insurance industry and new sources and forms of data are creating new opportunities to either provide better service, reduce operational costs or create market differentiation. What Insurance institutions lack is a high quality, trusted view of their customer data around which they can enrich that view with new sources of data, forming the basis for new business opportunities and models (i.e. the usage model).

Create and provide a combined and trusted source of customer, product, contact, broker/advisor and other relevant business data to support new business model opportunities, improve sales, enhance marketing activities and improve customer service efforts

Expedite migration, consolidation, and integration of critical business data across front, mid, and back offices systems including broker/advisor, web and mobile platforms

Take advantage of new sources of valuable data, including Big Data and Internet of Things (IoT) device data, to improve service delivery by better understanding the customer journey, enhancing the marketing-to-one experience using more data that generates more targeted insights and create more market-differentiating propositions